Build-to-rent community opens

A community of 180 rental-only single-family homes has opened in southwest Riverside County.

Tricon Winchester, which covers 67 acres near Domenigoni Parkway and Prairie Loop Road, is a combination of three and four-bedroom floor plans ranging from 1,532 to 1,858 square-feet, according to a statement released by Tricon Residential, the project’s developer.

Rents range from $3,100 to $3,500. The $180 million project, which is being built in two phases, will eventually consist of 493 homes: 186 for sale and 307 for rent.

Work on the second phase is expected to start next year.

“The Inland Empire, and the U.S. as a whole, faces an immense housing shortage, which is driving up the cost of purchasing a single-family home,” said Andrew Carmody, Rico’s senior managing director of investments, in the statement. “The best way to address that shortage – around four to five million housing units nationally – is to build more homes of all kinds, both for sale and for rent.”
Cost of living in a Tricon Winchester home is about 40 percent below having to pay off a comparable mortgage in the Inland Empire, according to Carmody.

Based in Canada Tricon has developed eight build-to-rent communities in California, according to the statement.